According to REALTORS, Americans bought more than six million homes in 2019. Although selling your home can bring in a lot of money, giving up the place where you've made countless memories can be difficult. Considering that homes appreciate in value, you also lose a solid investment opportunity by selling your home. Fortunately, selling a home isn't the only way to make money from it. Before saying goodbye to your domicile, consider these legitimate money-making alternatives.
1. Think About Opening a Bed and Breakfast
Travelers usually find overnight accommodations by renting hotel rooms. While you can find hotels virtually anywhere, many travelers get tired of hotels. They're often expensive, hitting travelers' pocketbooks for more than $100 per night. Continental breakfasts aren't too appealing, either.
Bed and breakfasts offer a refreshing take on overnight stays by providing a truly personal experience. Patrons enjoy delicious, homestyle breakfasts and get better service than at hotels.
Welcoming strangers into your home can be unnerving. With websites like Google or Yelp and apps like Airbnb, however, you can vet patrons before accommodating them.
Bed and breakfasts require little money to start. You can list your services online, create a website, and make social media pages for free. If accommodating weary travelers isn't something you're opposed to, opening up a bed and breakfast is a great way to earn extra money.
2. Store People's Stuff
People often run out of room for their belongings. Unable or unwilling to find space for personal items, they rent storage units to stow away their belongings. Understandably, many people don't like storing their stuff in commercial facilities like these. Bugs, weather, mold, or thieves could render valuable possessions worthless.
Rather than using these storage units, some seek out storage space in people's homes. Being able to put names and faces to their belongings gives people a better sense of security.
Selling storage space is another tried-and-true way of earning money without getting rid of your home. When listing your offer online, clearly list all of the amenities you offer. Climate and pest control go a long way.
You could also rent outdoor storage space. Even if you don't have covered storage, you could still earn money storing RVs, boats, or semi-trailers.
3. Offer Parking Spaces
Opportunistic entrepreneurs can earn lots of money from selling parking spaces. Companies that promote live sports, fairs, concerts, and other events can practically force attendees to pay exorbitant prices for parking.
If you live near local venues, you can make money from selling parking spaces.
Another way to make money from parking spaces is to rent your carport to people who need longer-term parking accommodations. Two popular websites for selling parking spots are JustPark and CurbFlip.
Travelers often use these websites to store their vehicles when traveling abroad, giving you a great opportunity to earn money. Expect to rent out parking spaces for anywhere from a few days to a few months.